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1.91% less people bought bitcoin (BTC) on Wednesday. BTC finished the day at $30,184, turning back its Tuesday gain of 1.44%. It is noteworthy that BTC returned to the sub-$30,000 level for the second time in five sessions.

BTC increased to a day high of $30,792 after a mixed morning. BTC dropped to a low of $29,957 in the early evening after failing to surpass the First Major Resistance Level (R1) at $31,141. In order to close the day at $30,184, BTC breached the First Major Support Level (S1) at $30,345 in price.

Binance News and Fed Chair Powell Weigh in

On the US economic calendar, Wednesday's session was less active. Investors had no US economic indications to take into account. To gauge the interest of buyers, Fed Chair Powell gave a hardline speech at the ECB central bank symposium. Confirming speculations on a July Fed rate hike, Powell stated that consecutive interest rate increases were still a possibility.

The NASDAQ Composite Index defied the general market trend and increased by 0.27% despite the hawkish talk. The impact was somewhat mitigated by a slight rise in the likelihood of a September 25-basis-point interest rate hike that would raise the federal funds rate to 5.75%.

The chance of a July 25-basis point Fed rate hike was 81.8%, up from 76.9% on Tuesday, according to the CME FedWatch Tool. Significantly, the likelihood of the Fed raising rates to 5.75% in September increased from 15.4% on Tuesday to 16.4% today.

The gloomy sentiment was exacerbated by the news stories about Binance in the cryptocurrency space. The news that Paysafe Payment Solutions Limited, Binance's EUR banking partner, would cease operations on September 25 broke on Wednesday.

Since the SEC brought accusations against Binance, Binance has come under closer scrutiny in Europe.US, Binance, and CZ the CEO of Binance.

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